Overhead highway crossings-trestles, 1; height of lowest above surface of rail, 16 feet. Overhead railway crossings-bridges, 3; height of lowest above surface of rail, 158 feet. Gauge of track, four feet nine inches. GEORGIA, CAROLINA AND NORTHERN RAILWAY COMPANY. HISTORY. The Georgia, Carolina and Northern Railway Company was organized under the laws of the States of North Carolina, South Carolina and Georgia: Acts January 18, 1887, North Carolina; December 24, 1886, South Carolina; December 7, 1886, Georgia. The Chester, Greenwood and Abbeville Railroad Company was chartered by the South Carolina Legislature December 22, 1885. Charter amended and name changed by Act December 24, 1886. The road is operated by the Seaboard and Roanoke and Raleigh and Gaston Railroad Com panies, under lease dated July 1, 1889. Georgia, Carolina and Northern Railway-From Monroe, N. C., to Atlanta, Ga., 266.20 miles. Operated and leased by Seaboard and Roanoke and Raleigh and Gaston Railroad Companies jointly. The Seaboard and Roanoke Railroad Company and the Raleigh and Gaston Railroad Company leased the Georgia, Carolina and Northern Railway, together with its equipment and all other property, both real and personal, for the term of its corporate existence. Lease dated July 1, 1889. The lessees agree to keep the road and property in good order for transaction of business, make all repairs, pay all taxes and other assessments out of the gross earnings. They are to retain sixty-five per cent. of the gross earnings (less taxes and other assessments), the remaining thirty-five per cent. to be applied as follows: 1. To keep up organization of lessor company. 2. To pay interest on its bonds. 3. To payment of valid debts to lessees. 4. To payment of dividends on lessor's capital stock. A number of partial payments on account of subscriptions to capital stock have been received and credited to account of "capital stock," but for which certificates have not been issued. FUNDED DEBT. MORTGAGE BONDS, MISCELLANEOUS OBLIGATIONS, AND INCOME BONDS. Class of bond or obligation-First mortgage. Date of issue, July, 1889. When due, July, 1892. Amount of authorized issue. Amount issued...---- Amount outstanding- Cash realized on amount issued. Rate of interest, 5 per cent., payable January and July. Amount of interest paid during year. $5,360,000 00 5,360,000 00 5,360,000 00 4,862,600 00 268.000 00 268,000 00 Of the interest paid, $134,000 was paid under agreement January 1, out of money realized on bonds sold, and charged to cost of construction. The $134,000 paid July 1 was paid by lessees as part of rental due under lease. COST OF ROAD, EQUIPMENT, AND PERMANENT IMPROVEMENTS. Grand total cost construction, equipment, etc., per mile, Grand total cost construction, equipment, etc--------- $ 23,857 98 $ 6,350,995 77 Surplus on June 30, 1892 [for entry on "general balance sheet,”] BONDS OWNED. Town of Clinton, S. C.-total par value... Rate of interest, six per cent. received by lessees. $ 134,000 00 $ 134.000 00 $ 44,192 53 $ 44,192 53 $ 10,000 00 $ 6,216,280 29 134,715 38 10,000 00 35,702 15 $ 6,396,697 92 $ 527,326 58 5,360,000 00 465,178 81 44,192 53 $ 6,396,697 92 IMPORTANT CHANGES DURING THE YEAR. Line extended to Athens, Georgia, September 1, 1891; extended to Lawrenceville, Georgia, January 11, 1892; extended to Atlanta, Georgia, April 21, 1892. The above extensions of line, as soon as completed, were turned over to the lessees for operation. SECURITY FOR FUNDED DEBT. Class of bond or obligation-First mortgage bond. What road mortgaged-From Monroe, N. C., to Atlanta, Ga., 266.20. Amount of mortgage per mile of line, $20,135.23. What equipment mortgaged-All. What income mortgaged-All. What securities mortgaged—All. |